Austrian economist Joseph Schumpeter’s “gales of creative destruction” are blowing and many companies are being taken under by this storm. Richard Foster shares his view on how the changing economy of China will determine which U.S. businesses will survive and prosper, and which ones will wither and die.

Get the INSIDE TRACK on how the changing economy of China will determine which U.S. businesses will survive and prosper … and which ones will wither and die.

PACE UNIVERSITY MEDIA EVENT ALERT

TUESDAY, OCTOBER 25 at 7:00 PM, NEW YORK CITY CAMPUS

“CREATIVE DESTRUCTION: INNOVATION IN AMERICA AND CHINA”

An engaging, thought-provoking discussion with Pace University President Stephen J. Friedman and Leading Management Consultant, Best-Selling Author and “Wizard of Innovation” Richard Foster

Who: Richard Foster is an emeritus director of McKinsey & Company, where he founded the technology and innovation practice, the health care practice, and the private equity practice, and led McKinsey’s worldwide knowledge development. He currently advises health care service and technology companies on how to capitalize on disruptive innovation. He has written two bestselling books: Innovation: The Attacker’s Advantage and Creative Destruction.

Stephen J. Friedman became president of Pace University on June 4, 2007. Friedman is a former senior partner at Debevoise & Plimpton LLC, commissioner of the Securities and Exchange Commission, deputy assistant secretary of the Treasury, executive vice president at The Equitable Companies Incorporated and the E.F. Hutton Group Inc., and U.S. Supreme Court law clerk. Friedman served for three years as dean of Pace University School of Law prior to being named president by the Pace University Board of Trustees.

What is Creative Destruction? The automobile cost blacksmiths their jobs; personal computers replaced the typewriter. The Internet has seriously impacted the publishing, music and film industries. Based on an “endless cycle of innovation” concept first popularized by economist Joseph Alois Schumpeter, creative destruction suggests that companies can outperform capital markets and maintain their leadership positions only if they creatively and continuously reconstruct themselves. In doing so, they can stay ahead of the upstart challengers constantly waiting in the wings.

About Inside Track with President Stephen J. Friedman: A forum that brings the world’s most renowned leaders to Pace University to inspire, motivate and provide deeper insight into social, political, economic and environmental issues that affect us all.

RSVP: The event is free and open to the public, as well as to the Pace community. Please register in advanceonline at www.pace.edu/insidetrack